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Fuel price rise impacts US agriculture and heating
Fuel prices in the United States have reached record levels, with diesel and heating oil surpassing $6 per gallon, marking an increase of about 70% since the beginning of the conflicts in the Middle East. Damage to refining capacities and geopolitical shocks have reduced global supplies, leading to stockpiles hitting their lowest levels in years and increasing price sensitivity, especially with the harvest season approaching and winter heating commencing. These rises are placing greater financial burdens on agricultural communities and households, while the U.S. administration is citing tensions to explain the decline in fuel supplies and rising prices.
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